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Labour Party pledges to open 350 shared banking hubs

Labour Party pledges to open 350 shared banking hubs

The Labour Party has reiterated its promise to open 350 banking hubs across the UK over the next five years if its win the upcoming General Election.

The party says the proposal would “breathe new life back into Britain’s high streets”.

Around 6000 bank and building society branches have closed across the UK since 2015, with a further 645 earmarked for closure this year.

Introducing the policy Shadow chancellor Rachel Reeves said many high streets “have been reduced to ghost towns” as banks have shut up shop, leaving many communities as cash deserts.

UK ATM nework Link and not-for-profit agency Cash Access UK have been working with the Post Office to oversee the introduction of shared banking hubs across the country. Some 132 hubs have been recommended so far by Link. Cash Access UK has delivered 56 of the hubs to date, with 76 in development.

Says Reeves: “I’m expecting many more to open over the coming years to protect access to cash and provide a welcome boost to high streets across the country.”

The party says it will give new powers to the Financial Conduct Authority (FCA), and strengthen regulation to support Link to proactively source locations for new banking hubs.

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